Mobile publishing platform MobStac raises $2M in Series B from Accel Partners and Cisco
Bangalore-based Mobile Motion Technologies, which offers a mobile publishing platform MobStac, has secured $2 million (Rs 12 crore) in a Series B round of funding from existing investor Accel Partners, with participation from technology major Cisco, according to a TechCrunch report.
The report, citing its co-founder, said that the capital will be used to expand its cloud platform to build mobile websites for consumers.
The startup had raised an undisclosed round of funding from Accel Partners and Mumbai Angels in November 2011.
MobStac was set up in 2009 by Sharat Potharaju (CEO) and Ravi Pratap Maddimsetty (CTO), both holding B Tech degrees in Chemical Engineering from IIT Madras. Prior to setting up the firm, Potharaju worked at Merrill Lynch in New York and spent a summer on a VC initiative at Duke University. Maddimsetty had earlier headed the software products group at a technology startup called Hillcrest Labs. Prior to that, he was with Morgan Stanley in New York as an associate in its technology group.
MobStac provides a technology platform to bloggers and publishers that allows them to convert their standard websites into mobile-optimised versions within minutes. It is done through a self-service platform. Its key customers include The Hindu, Deccan Herald, Outlook India, Zig Wheels, allAfrica, and IndiaTV.
Last June, the company partnered with California-headquartered Vdopia Inc, a video advertising network founded by India-born entrepreneurs, to enable businesses and publishers to mobilise digital properties and monetise video content across mobile and tablet devices. Prior to that, it had launched an application programming interface (API) platform that enables Web developers to build and manage mobile websites and apps for their customers.
(Edited by Joby Puthuparampil Johnson)